Tools & Information

Israel, India to Strengthen Economic Cooperation

2/17/2014

flags

GovXContentSection

A delegation led by the Director General of the Indian Ministry of Science and Technology met with a joint team from the Ministry of Finance, Ministry of Economy and the Ministry of Foreign Affairs in Jerusalem on January 21, 2014, to strengthen the economic cooperation between Israel and India. The purpose of the discussions is to establish a fund of about $10 million for five years to deal with industrial and technological subjects.

The fund will help Israeli companies to participate in huge projects led by the Indian government, develop joint work by Israeli and Indian companies in mutual research projects, and adapt products developed in Israel for the Indian market. The fund will focus on a variety of subjects, such as agriculture, water, energy, ICT and aerospace.

The Chief Scientist, Avi Hasson: "The highlight of the establishment of the fund is the establishment of a tool that may be used as a breakthrough in assisting Israeli developers and industrialists to penetrate the Indian market. Emerging markets are a priority for both the Office of the Chief Scientist and for the entire government, penetration of these markets could lead to extensive business opportunities for the Israeli developer."

The Ministry of Finance Deputy Director of the Budget Department, Yonatan Regev: "Increasing exports to the Indian market is an essential part of the State of Israel’s export diversification strategy. These discussions advance the promotion of economic ties with India."